Deepwater Discoveries & Rising Industrial Demand in Emerging Economies Are Driving the Crude Oil Industry
May 21 2012 - 6:08AM
Marketwired
MarketResearch.com has announced the addition of the new report
"Crude Oil Industry to 2016 - Deepwater Discoveries Worldwide and
Rising Industrial Demand in Emerging Economies Driving the
Industry," to their collection of Energy market reports. For more
information, visit
http://www.marketresearch.com/GBI-Research-v3759/Crude-Oil-Deepwater-Discoveries-Worldwide-6927044/
Maturing conventional oil fields and a surging demand for crude
are intensifying exploration efforts in the hope of boosting
production, according to a new report by energy expert GBI
Research.
The new report shows that a substantial increase in investment
within the exploration and production (E&P) industry means that
global oil discoveries have grown exponentially in number. This is
exemplified through the many deepwater discoveries made over the
past year, particularly in the South American region.
The E&P industry was devastated by the global economic
crisis, and a lack of funds, coupled with low crude oil prices,
caused many major projects to be delayed or even cancelled.
However, the elevated demand for crude oil and improved prices has
encouraged a strong recovery within the industry.
Rapid increases in crude oil prices over the past year have seen
$90 per barrel become the norm, thanks to increased global demand
and supply disruptions in the Middle East due to continuing
repercussions from the Arab Spring. Sustained high prices and high
demand are attracting huge investments from oil giants.
There was a substantial increase in oil discoveries worldwide
during 2011, when 183 oil discoveries were announced. Asia-Pacific
led with a 29% share, followed by South and Central America with
23%, and Middle East and Africa with 22%. Brazil holds the highest
number of discoveries for one country, with most of these finds
being made in deepwater areas.
South and Central America will play an increasingly important
role in meeting global oil demands, as enormous heavy oil reserves
in Venezuela and discoveries in Brazil will help to meet global
crude oil needs in future years. Over the past two years, Brazil
has discovered the world's most promising fields since the
discoveries made in Kashagan, Kazakhstan, in 2000. South and
Central America is therefore anticipated to be one of the most
sought-after locations for future E&P investments.
World crude oil reserves increased from 1,268.8 billion barrels
in 2000 to 1,620.3 billion barrels in 2011, at an average annual
growth rate (AAGR) of 2.5%. Crude oil production globally increased
from 24,759.1 million barrels in 2000 to 27,156.6 million barrels
in 2011, at an AAGR of 0.9%. The crude oil industry is expected to
grow at a steady pace, increasing further to 28,925.4 million
barrels in 2016.
For more information, visit
http://www.marketresearch.com/GBI-Research-v3759/Crude-Oil-Deepwater-Discoveries-Worldwide-6927044/
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